Features of Monopoly
Economics ⇒ Markets and Price Determination
Features of Monopoly starts at 11 and continues till grade 12.
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Describe any two sources of monopoly power.
Describe the role of government in creating monopolies.
Explain how economies of scale can lead to monopoly.
Explain the concept of 'price discrimination' in monopoly.
Explain the effect of monopoly on the allocation of resources.
Explain the impact of monopoly on consumer choice.
Explain the meaning of 'barriers to entry' in the context of monopoly.
Explain the term 'natural monopoly' with an example.
What is the most fundamental feature of a monopoly market structure? (1) Single seller, (2) Many sellers, (3) Free entry and exit, (4) Homogeneous products
Which of the following best describes the product in a monopoly market? (1) Homogeneous with close substitutes, (2) Differentiated with many substitutes, (3) Unique with no close substitutes, (4) Homogeneous with many sellers
Which of the following is a feature of monopoly? (1) Many buyers and sellers, (2) Homogeneous product, (3) Barriers to entry, (4) Perfect knowledge
Which of the following is a feature of monopoly? (1) Many buyers and sellers, (2) No close substitutes, (3) Free entry and exit, (4) Perfect knowledge
A monopolist can influence both the _______ and the _______ of the product.
A monopoly firm faces a _______ sloping demand curve.
A monopoly firm maximises profit where marginal cost is _______ to marginal revenue.
Fill in the blank: In a monopoly, the firm is a _______ maker.
A monopoly firm can earn abnormal profits in the long run. (True/False)
A monopoly firm can set the price or the quantity, but not both. (True/False)
Is it correct to say that a monopolist can sell any quantity at any price? (Yes/No)
Is it possible for a monopoly to make losses in the short run? (Yes/No)
